4:38pm: MLB.com's Mark Bowman says the medical reports have been reviewed and the Rafael Soriano–Jesse Chavez swap has been finalized.

11:00am: Rosenthal and Morosi say the Rays will sign Soriano for one year and $7MM or slightly more; the deal will be official after medical records are exchanged. They say Soriano's contract will be non-guaranteed.

10:16am: Rosenthal tweets that the Rays are negotiating a one-year deal with Soriano, and terms must be reached before the trade can become official. ESPN's Jerry Crasnick believes this deal should be done by day's end once the Rays look at Soriano's medicals.

1:30am:Topkin says the Rays will pay all of Soriano's salary, whatever that may be. The two sides don't necessarily have to go to arbitration even though Soriano accepted, they could even work out a multi-year deal.

The Orioles, Astros, and Red Sox appear to be potential suitors for Soriano, based on previous reports. Joel Sherman of the New York Post tweeted earlier today that the Yankees are not interested in trading for him.